Blockchain technology Applied to research can enhance trust in science time record of their study findings, an unchangeable. Blockchain technology ensures that transactions cannot be altered with time. As applied to the cryptocurrency bitcoin (BTC), the result is a financial system which, cannot be manipulated by a centralized government as it creates a permanent and accurate record of all transactions. This system’s strength stems from the use of a database in comparison with current systems that need a database such as is used by credit card companies and banks. Applying this same technology to medical research raises trust in the results since only like bitcoin, the trades (scientific data accumulated) are permanently archived in an unchangeable, immutable method.
The exchange of cash, Like the conduct of research, requires a high degree of trust. This confidence has been generated by Cash in the past through bank supervision and government regulations. Research in the past has tried to create high levels of confidence through peer review conducted by medical journals like the New England Journal of Medicine. Both methods of trust rely on a journal, either the government or bitcoin price trusted authority. Therefore, both approaches are vulnerable to mistakes of the authority or fraud through corruption. This has led to distrust in research. Since it sets up a way of relying on a network based upon a mathematical algorithm, instead of centralized authority vulnerable to error, bitcoin operates differently.
Financial transactions Require the level of trust. Folks will need to understand that all transactions recorded in the ledger be accurate to being changed in the future and resistant. Since this trust has been earned by technologies as, bitcoin is now a store of value using a market capitalization of over $100 billion USD. The confidence in blockchain established systems exceeds $250 billion USD, when cryptocurrencies are considered. Health care professionals will need to be able to trust that information obtained from research is immutable and accurate.